Chicago Model Alchemists (CMA) is the superstar company of Illinois at this moment. In fact, it seems to gain a lot of popularity among Illinois businesspeople. As a result, three business firms founded two years ago ask for its services in order to examine the needs for external financing. More information is provided below.

1b. Compute the new external equity needed for each of the three firms.

\begin{tabular}{|l|l|l|l|} \hline & Firm A & Firm B & Firm C \\ \hline Investment & $38,250,450 & $125,330,600 & $780,320,670 \\ \hline Past Dividend Policy & 46.75% & 13.25% & 7.50% \\ \hline Net Income & $12,650,900 & $55,340,600 & $214,504,010 \\ \hline Debt-to-Capital Ratio & 24.50% & 53.10% & 9.15% \\ \hline \end{tabular}